01/01/2009 05:12 am ET Updated May 25, 2011

Global Markets Get Hammered As US Recession Reality Sinks In

A fresh wave of selling hit global stock markets Monday as weak economic news from around the world and confirmation of a US recession prompted a massive pullback from last week's gains.

The Dow Jones Industrial Average sank 679.95 points (7.70 percent) to close at 8,149.09, in the fourth-steepest point loss in history for the blue-chip index.

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